• Cardano (ADA) was trading at $0.34 per token, up 4% amid a larger cryptocurrency rally.
• The network upgrade, Valentine (SECP), has promised to strengthen security and interoperability features on the blockchain.
• Djed, the network’s stablecoin, is pegged to the US Dollar and has caused an increase in demand for ADA.
Cardano (ADA) Price
Cardano (ADA), the cryptocurrency that underpins the smart-contract-enabled Cardano blockchain, was trading at around $0.34 per token, at press time. It was up about 4% on the day amid a larger cryptocurrency rally but was slightly boosted by the good news about the Cardano development team delivering a new network upgrade.
All Time High
ADA-denominated value of coins held within the Cardano blockchain has reportedly reached an all-time high of 341 million according to statistics from DeFi Llama – A sign of greater platform use.
Network Upgrades
The Valentine (SECP) improvement, which promised to strengthen security and interoperability features on the blockchain, is one of the most recent upgrades predicted to trigger a price surge. Other significant network operations include continued expansion of smart contracts‘ capability with Plutus scripts approaching 6,000 mark and transactions crossing 61.4 million milestone with Vasil update being released previously after notable community member named Vasil.
Djed Stablecoin
The debut of Djed, which is an algorithmic stablecoin that is overcollateralized and pegged to US Dollar with rigorous verification procedure making it one of first stablecoins in market might be main factor driving Cardano’s ascent this month with traders getting extra benefits when they stake ADA to get Djed leading to rise in its demand over past few weeks.
Node Compliance & Exchange Preparedness
In terms of node compliance and exchange preparedness parent company’s website Input Output Global reported that more than 75% staking pool operators are running required node versions while developers will benefit from additional Plutus decentralized application development support with majority projects unaffected by change .
